Industry News

Tiered ticketing used at fest to boost revenue

Online media and entertainment firm Imagination TV (IMTV) has implemented a tiered ticketing model with the goal of increasing revenue with its LIT Up Music Festival.

LIT Up features artists within Hip Hop and Trap music, including Yo Gotti and 6ix9ine on July 28 in Miami, Florida.

Magic City Studios, where the festival will be held, is a 32,100-square-foot facility that has already hosted large-scale music events and can hold up to 10,000 people. The venue has quickly become a preferred choice for leading music festivals, galas, photographers and filmmakers.

A total of 10,000 tickets will be for sale at different prices based on when the ticket is bought. Each tier will be allocated a set number of tickets at that price.

Initial tier one tickets, which are reportedly almost sold out, cost fans $60 per ticket, while the tier two price is $70 and tier three is $80 per ticket.

There is also a VIP admission ticket available, providing users with expedited entrance, front stage viewing, bottle service, seating and private bar access, for $170.

Juan Areco, chief executive of Imagination TV, said: “This tiered ticketing model provides value to the consumer while giving both IMTV and Nine Mile Entertainment potentially increased revenue and the LIT Up Music Festival becoming profitable. As of today Monday, “Tier 1″ is almost sold out!”

Image: Exit Photo Team